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The country will be the first to recognise the crypto-currency as legal tender from September 7.
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“The manual burns, alongside the company having a pretty large stake in the coins, just speaks to me of a manipulation risk,” said Jasper Lawler, head of research at London Capital Group, an online brokerage firm offering cryptocurrency derivatives. “Whenever there’s some sort of mechanism to stop selling, that’s a bit of a warning sign.”
Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood. In late July, Elon Musk said Tesla was "most likely" to start accepting bitcoin as payment again. The comment helped the cryptocurrency race past the $30,000 level.
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The cryptocurrency has continued to rise and fall as other global administrations and regulators mull legislation to curb increased crypto activity often attributed to laundering and crime.
The token was trading at $1,157.00 Monday morning - 5.3% lower compared to actual Tesla stock, which closed at $1,222.09 on Friday.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.
Cryptocurrency — also known as crypto — is a digital currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions, as well as to control the creation of new units of a particular digital currency.
"Some of the NFT collections had bounced by 50-60% in the past few days, which indicates a possible reversal in the coming weeks," he added.
While paying for things in cryptocurrencies doesn’t make sense for most people right now, more retailers accepting payments might change that landscape in the future. It’ll likely be much longer before it’ll be a smart financial decision to spend Bitcoin on goods or services, but further institutional adoption could bring about more use-cases for everyday users, and in turn, have an impact on crypto prices. Nothing is guaranteed, but if you buy cryptocurrency as a long-term store of value, the more “real world” uses it has, the more likely demand and value will increase.
Recent drops have been caused by a combination of factors, Noble theorizes, from excitement about low-quality coins, to negative remarks from Elon Musk, to China’s recent crackdown on crypto services. The accumulated response made this sell off “all the more violent,” says Noble.
Bitcoin wasn’t the only cryptocurrency to feel the effects of Tesla’s decision. (Pic: Shutterstock)
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CFDs trading are derivatives, which enable you to speculate on cryptocurrency price movements without taking ownership of the underlying coins. You can go long (‘buy’) if you think a cryptocurrency will rise in value, or short (‘sell’) if you think it will fall.
— Patrick Uzcategui is now an government relations associate at Sylvamo, a new spinoff company from International Paper Company. He was previously government affairs coordinator at Tyson Foods.